National Storage Affiliates Trust

DB:4GC Stock Report

Market Cap: €5.3b

National Storage Affiliates Trust Valuation

Is 4GC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 4GC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 4GC (€40.65) is trading below our estimate of fair value (€69.84)

Significantly Below Fair Value: 4GC is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 4GC?

Key metric: As 4GC is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 4GC. This is calculated by dividing 4GC's market cap by their current earnings.
What is 4GC's PE Ratio?
PE Ratio23.1x
EarningsUS$143.33m
Market CapUS$5.54b

Price to Earnings Ratio vs Peers

How does 4GC's PE Ratio compare to its peers?

The above table shows the PE ratio for 4GC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average27.4x
SHUR Shurgard Self Storage
10x-8.5%€4.0b
BYG Big Yellow Group
9.4x-1.3%UK£2.3b
CUBE CubeSmart
27.4x2.6%US$11.0b
HABA Hamborner REIT
62.8x11.0%€514.1m
4GC National Storage Affiliates Trust
23.1x-38.7%€5.5b

Price-To-Earnings vs Peers: 4GC is good value based on its Price-To-Earnings Ratio (23.1x) compared to the peer average (27.4x).

Price to Earnings Ratio vs Industry

How does 4GC's PE Ratio compare vs other companies in the Global Specialized REITs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
4GC 23.1xIndustry Avg. 19.0xNo. of Companies7PE01632486480+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 4GC is expensive based on its Price-To-Earnings Ratio (23.1x) compared to the Global Specialized REITs industry average (19x).

Price to Earnings Ratio vs Fair Ratio

What is 4GC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

4GC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.1x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 4GC's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 4GC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€40.65
€40.68
+0.07%
6.9%€46.15€37.67n/a13
Nov ’25€38.57
€39.65
+2.8%
9.5%€49.00€36.06n/a13
Oct ’25€43.07
€37.85
-12.1%
12.1%€48.62€29.71n/a13
Sep ’25€41.38
€37.32
-9.8%
10.1%€44.34€29.86n/a14
Aug ’25€39.11
€36.23
-7.4%
9.5%€43.42€30.49n/a14
Jul ’25€38.10
€35.94
-5.7%
9.1%€42.94€30.81n/a14
Jun ’25€32.60
€34.69
+6.4%
9.5%€41.55€27.70n/a14
May ’25€33.00
€35.31
+7.0%
9.4%€42.30€28.20n/a14
Apr ’25€35.80
€35.11
-1.9%
9.8%€41.90€27.93n/a14
Mar ’25€33.00
€34.41
+4.3%
11.5%€41.76€26.91n/a14
Feb ’25€34.60
€34.43
-0.5%
12.4%€42.47€26.78n/a14
Jan ’25€38.00
€32.31
-15.0%
13.8%€41.67€26.27n/a12
Dec ’24€30.40
€30.08
-1.1%
8.2%€32.90€26.50n/a12
Nov ’24€26.80
€31.46
+17.4%
8.8%€35.96€27.44€38.5712
Oct ’24€30.00
€33.74
+12.5%
6.3%€37.57€30.06€43.0712
Sep ’24€31.00
€33.68
+8.6%
6.9%€38.58€30.31€41.3812
Aug ’24€30.60
€37.25
+21.7%
8.8%€43.43€32.57€39.1112
Jul ’24€31.80
€37.83
+19.0%
8.1%€43.85€32.89€38.1012
Jun ’24€34.20
€40.06
+17.1%
8.4%€45.75€35.48€32.6011
May ’24€34.80
€40.39
+16.1%
7.7%€44.70€35.58€33.0011
Apr ’24€37.20
€42.08
+13.1%
8.6%€47.39€34.12€35.8010
Mar ’24€39.80
€41.08
+3.2%
7.6%€45.02€33.76€33.0010
Feb ’24€37.40
€41.08
+9.8%
9.3%€49.37€33.54€34.6011
Jan ’24€34.20
€42.72
+24.9%
9.1%€49.61€37.44€38.0011
Dec ’23€38.00
€49.39
+30.0%
14.4%€60.52€39.05€30.4011
Nov ’23€43.00
€54.19
+26.0%
11.9%€62.80€43.55€26.8011

Analyst Forecast: Target price is lower than the current share price.

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